Sharplink Gaming (NASDAQ:SBET) Shares Gap Up - Here's What Happened

Key Points

• Sharplink Gaming's stock price experienced a significant gap up, opening at $23.10 after a previous close of $21.99, but eventually traded lower at $22.07 with a volume of 16,988,951 shares.
• The company reported a quarterly loss of ($1.73) EPS and a negative net margin of 94.08%, with total revenue of $0.74 million for the quarter.
• Key insiders, including CFO Robert Delucia and CEO Rob Phythian, significantly increased their ownership in the company by purchasing shares at $6.72 each, showing confidence in the business.

Sharplink Gaming Inc. (NASDAQ:SBET - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $21.99, but opened at $23.10. Sharplink Gaming shares last traded at $22.07, with a volume of 16,988,951 shares.

Sharplink Gaming Stock Down 5.2%

The stock's 50 day moving average price is $23.21 and its two-hundred day moving average price is $10.95.

Sharplink Gaming (NASDAQ:SBET - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported ($1.73) EPS for the quarter. Sharplink Gaming had a negative return on equity of 162.25% and a negative net margin of 94.08%. The firm had revenue of $0.74 million for the quarter.

Insider Activity

In other news, CFO Robert Michael Delucia acquired 7,440 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were bought at an average cost of $6.72 per share, for a total transaction of $49,996.80. Following the acquisition, the chief financial officer owned 14,107 shares in the company, valued at approximately $94,799.04. This represents a 111.59% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Rob Phythian bought 44,640 shares of the stock in a transaction on Friday, May 30th. The shares were acquired at an average cost of $6.72 per share, for a total transaction of $299,980.80. Following the purchase, the chief executive officer owned 57,349 shares in the company, valued at $385,385.28. The trade was a 351.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. 10.50% of the stock is owned by company insiders.

About Sharplink Gaming

SharpLink Gaming, Inc operates as an online technology company that connects sports fans, leagues, and sports websites to sports betting and iGaming content. The company operates through four segments: Affiliate Marketing Services United States, Affiliate Marketing Services International, Sports Gaming Client Services, and SportsHub Games Network.

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